2024 Real Estate Marketing Business and Marketing Planning | THE REAL ESTATE SHOW | EP. 69 | Summary and Q&A

TL;DR

Develop a focused business plan for 2024 by analyzing what is currently working, maximizing those strategies, and considering new ideas.

Key Insights

• 👨‍💼 Success in business planning comes from identifying what is currently working and leveraging it for growth.
• 🥺 Focusing on doing more of what works and improving existing strategies can lead to significant results.
• 💦 It is crucial to track and measure the effectiveness of your marketing efforts to understand what is working and what needs improvement.
• 🗯️ Refining your target audience and marketing messaging based on your ideal clients can help attract more of the right clients.
• 🥶 Successful marketing does not solely rely on social media; tried-and-true methods such as cold calling and door knocking can still be effective.
• 👨‍💼 Understanding your own business and goals is more important than obsessing over your competitors.
• 🤩 Having a clear and unique message that sets you apart from other businesses in your industry is key to standing out.

Transcript

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Questions & Answers

Q: What is the "more better new" concept in business planning?

The "more better new" concept refers to a framework of business planning that suggests focusing on doing more of what is currently working, improving existing strategies, and only then considering new ideas or strategies.

Q: Why is it essential to identify what is currently working in your business?

Identifying what is currently working allows you to understand your strengths and leverage them for maximum results. Building upon existing successful strategies can lead to significant growth and success.

Q: What should you do if you are unable to do more of what is currently working?

If you've reached the maximum output of your current successful strategies, the next step is to evaluate how you can improve and optimize those strategies. Focus on refining your approach for better efficiency and results.

Q: When should you consider implementing new ideas or strategies for your business?

New ideas or strategies should only come into play after you have maximized your existing strategies and have thoroughly evaluated their effectiveness. Implementing new ideas should be a calculated decision based on thorough research and analysis.

Summary & Key Takeaways

• The key to effective business planning is to first identify what is currently working in your business and determine if you can do more of it.

• If you cannot do more of what is working, then focus on improving and optimizing your current strategies for better results.

• Only after maximizing your existing strategies should you consider exploring new ideas and strategies for your business.